There is no reliable way to make money quickly. If there were, everyone would be doing it. Get-rich-quick schemes are just that: schemes. Sure, it’s possible to get lucky at a casino, or to make a well-timed stock pick, but these feats are the exception, not the rule. They generally are not reproducible.
An AskMetafilter user recently pleaded for some hot stock tips.
Where online do you go to find “best buys” about new and hot stocks? I’m thinking of investing a little scratch in ye ol’ stock market, and was wondering if [you] could point me to some good online sources for stock buying recommendations. Last time I invested, I based my purchase on a little sidebar I read in Business 2.0… doubled my money and pulled out. That’s what I’m looking for, only online.
Fortunately, the other users set him straight. One recommended Slate‘s The Complete Guide to Wall Street Self-Defense. Another recommended The Big Picture (a financial markets blog). This was the best response:
There are plenty of tips floating around on the internet, but they are all put there by pumpers — people who buy low, get suckers to buy in on thinly traded stocks, then when the price goes up, they get out. Sometimes they short the stock and talk it down — bashing. If you don’t believe me, try it for a while and within a few months you’ll be getting notices from lawyers about class-action suits.
I make regular good money on the market, but whenever anyone asks me, I tell them to run, don’t walk, away from it unless they are willing to make a serious commitment in time and study. I use Investor’s Business Daily for ideas, and do a lot of technical analysis on stockcharts.com. But I spend about 2-4 hours a day, plus full time on weekends, researching.
I happen to like it but for most people it’s a sucker’s market. Especially right now. Better to set up a regular allotment into a simple family of low-cost mutual funds like Vanguard. Trust me.
Excellent advice.
We all want to be rich. And we all want to be rich now. This isn’t going to happen. It’s far more sensible to spend your time, money, and energy researching the tried-and-trued methods of acquiring wealth. Start young. Know your risk tolerance. Save as much as you can. Reduce your spending. Increase your income. If you do these things, you will grow rich. It just won’t happen overnight.
GRS is committed to helping our readers save and achieve your financial goals.Savings interest rates may be low, but that’s all the more reason to shop for the best rate.Find the highest savings interest rate from Ally Bank, Capital One 360, Everbank, and more.
This article is about Basics, Investing
Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.
Discover is a paid advertiser of this site. Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.
SEARCH FOR RECENT ARTICLES
Ah, but there IS just ONE reliable way to make money quickly. You start a religious cult and print your own money.
http://guruphiliac.blogspot.com/2006/01/maharishis-mad-money.html
loading....
The stock market constantly temps me. When I was young and single, I took $1000 and gave it a shot and did alright. However, it didn’t really pay off because of the amount of time it took reading and reading and reading.
I have a moderate interest in investing but not enough to commit hours a day.
There doesn’t seem to be a nice medium between set-and-forget (mostly) mutual funds and taking the plung into the stock market.
loading....
I agree… the stock markets are not a place to get rich quick for the inexperienced. There are many losers in the markets and successful traders are few and far between.
Next time you hear a company claiming you can make money from trading stocks – question their motives. In most cases, the company would be trying to sell you something: a product or a service, either directly or indirectly.
But for those with patience, passion and know how to manage risk well (Emphasis on the management of risk), stock trading can also get you rich slowly.
loading....
Regarding the quote about ‘pumpers’, we developed a site to provide the exact type of service being asked for her. Our website makes user reputation the primary aspect of the site. Each users reputation is tracked based on past performance within the environment, so pumeprs and dumpers can’t succeed (If you take the advice of someone with no history, that’s your responsibility).
Josh
http://FeelingBullish.com
loading....
finance.google.com has GREAT analysis and charts. yahoo is supposed to be trying to imitate it, but google’s interface is fabulous.
loading....
first of all, alot of you people claim that the stock market isnt a place to get rich quickly. well tell that to me. considering i finished 2 years of trading with a little over $600,000. before stating the what the impossible is, you should do a little bit more research.
loading....
How much money did you start out with?
loading....
A Million……..oh yeah, I see your point.
loading....
Stocks are simple. All you do is buy shares in a great business for
less the the business is intrinsically worth, with management of the
highest integrity and ability. Then you own those shares forever (or at least 5 yrs).
Don’t invest in what you can’t understand, the market is only there as
a reference point to see if if anyone is doing anything foolish.
loading....
Mike,
How did you do it? Which stocks did you invest in, when did you buy, when did you sell? What triggered you to buy and sell? Did you start off 1,600,000 and end with 600,000?
loading....
Stockmarkets get rich quick slowly well, it takes nearly 4-5 years to gain the experience and hang on to the money while gettting it but once you have a method then there is nothing like it .
All speculative activity is the same . You need a method . consisting of two parts .
Its like blackjack, Card counting and basic strategy .
card counting :: akin to a method to have a good edge on your side in blackjack similiar to stockmarkets .
and basic strategy when the cards are favourable ,to bet …. similiar in stockmarkts .bet when the trade is favourable ….
make money slowly . ??? yes at first but when it rolls in it just rolls you have to build a dam to stop it .
loading....
thank you for your advice, theres a friend who was tryng
to talk me into the stock market trading but without any
experience from my part. were if not for your comments i would have entered and possibly, would have lost my money. thank you guys.
loading....
The stock market is a good way to make money if you know what you are doing. As with any investment, the market can go in any direction. No matter how much research you or how well the company is doing right now, if the market crashes you will loose money unless you can hold the fort and the value of your shares go back up.
I am but no means an expert on the topic, nevertheless I have been doing some research on the topic and publishing my findings on my blog.
Interesting to see people asking about which shares were successful in generating money. The investor need to realise that past performance is not a guarantee of future performance. I may have made , say $20,000, in one month trading a particular share. I would not recommend it that share to anyone because it performed well in the past and there is no guarantee that the performance will repeat again.
As with anything, education is the key.
loading....
The best way to play the stock market if you’re a casual investor is to go with your gut. Forget all the charts and expert analysis – it’s meaningless. Instead ask yourself these questions: What’s happening in the world right now? What do people need? What do people want? Those are the things you want to invest in. So long as fancy advertising and peer pressure causes people to throw their hard earned cash away on overpriced and pointless crap they don’t actually need, money will be made and you can grab a slice of the action. Even in this economy, infact especially in this depressing economy, most people still basically throw away all of their income on ‘stuff’. It never seems to occur to them to save their surplus money, they just want to spend, spend, spend until it’s all gone. Which companies or industries are going to benefit most from all that money? Invest in that.
loading....
I agree with you. I always look to my own life and experience before purchasing stock. For example I was a huge fan of Amazon when they were just starting out as a bookstore (back in 90′s they’d send me a xmas gift each year). Stock was trading at about $17/share back then. I shop at the Gap, drive a volvo, use a Blackberry. In business I use Hewlett Packard, flew Delta. Go with companies you trust and plan to go for the long haul. Timing the market is impossible. When you feel comfortable with your profit, sell it and invest in something new.
loading....
Its superb as your other content : D, thankyou for posting . “Experience is that marvelous thing that enables you to recognize a mistake when you make it again.” by Franklin P. Jones.
loading....